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2d ago

Report Points to U.S. Equity Stakes in Quantum Firms as Commerce Denies Talks

Quantum stocks rallied on an unconfirmed WSJ account of $10 million funding-for-equity deals, echoing the administration’s recent shift to direct stakes in strategic tech.

An employee works at the Rigetti Fab-1 integrated quantum device manufacturing facility in Fremont, California, U.S. April 28, 2021. Picture taken April 28, 2021. Rigettti/Handout via REUTERS

Overview

  • The Commerce Department told Reuters it is not currently negotiating with any of the quantum companies named, tempering the Wall Street Journal’s account.
  • The WSJ reported that Deputy Commerce Secretary Paul Dabbar is leading exploratory discussions that could include minimum awards of $10 million per company.
  • Companies cited in reporting include IonQ, Rigetti Computing and D-Wave Quantum, with Quantum Computing Inc. and Atom Computing described as considering similar arrangements.
  • Shares of IonQ, Rigetti, D-Wave and Quantum Computing jumped roughly 12% to 14% in premarket trading, and a sector ETF gained about 2% to 2.6%, even after the denial.
  • No deals have been finalized, and reported terms could change, with the potential move framed against recent U.S. stakes in Intel and MP Materials and the early-stage state of quantum technology.